Q1 2024 Earnings Forecast for SouthState Co. Issued By DA Davidson (NASDAQ:SSB)

SouthState Co. (NASDAQ:SSB) – Research analysts at DA Davidson dropped their Q1 2024 earnings per share estimates for SouthState in a research report issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings of $1.54 per share for the quarter, down from their previous estimate of $1.56. DA Davidson currently has a “Buy” rating and a $102.00 target price on the stock. The consensus estimate for SouthState’s current full-year earnings is $6.63 per share. DA Davidson also issued estimates for SouthState’s FY2025 earnings at $7.31 EPS.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Thursday, January 25th. The bank reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.13. The company had revenue of $419.72 million for the quarter, compared to analyst estimates of $419.08 million. SouthState had a return on equity of 9.85% and a net margin of 22.15%.

Other equities analysts have also issued reports about the company. Truist Financial dropped their price target on SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. UBS Group upped their price target on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. Finally, Raymond James downgraded SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, SouthState currently has an average rating of “Hold” and a consensus target price of $87.80.

SouthState Price Performance

SouthState stock opened at $76.61 on Thursday. SouthState has a one year low of $59.51 and a one year high of $87.77. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.88. The stock’s 50 day moving average is $81.86 and its 200 day moving average is $78.36. The firm has a market cap of $5.84 billion, a P/E ratio of 11.86 and a beta of 0.74.

Hedge Funds Weigh In On SouthState

Several institutional investors and hedge funds have recently bought and sold shares of SSB. Teachers Retirement System of The State of Kentucky lifted its stake in shares of SouthState by 44.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 50,684 shares of the bank’s stock valued at $3,413,000 after purchasing an additional 15,599 shares during the period. Versor Investments LP bought a new stake in shares of SouthState in the third quarter worth $424,000. Envestnet Asset Management Inc. grew its holdings in shares of SouthState by 112.5% in the third quarter. Envestnet Asset Management Inc. now owns 143,844 shares of the bank’s stock worth $9,689,000 after acquiring an additional 76,153 shares during the period. Sei Investments Co. grew its holdings in shares of SouthState by 5.4% in the third quarter. Sei Investments Co. now owns 286,177 shares of the bank’s stock worth $19,277,000 after acquiring an additional 14,688 shares during the period. Finally, Pacer Advisors Inc. grew its holdings in shares of SouthState by 80.4% in the fourth quarter. Pacer Advisors Inc. now owns 11,431 shares of the bank’s stock worth $965,000 after acquiring an additional 5,095 shares during the period. 89.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the sale, the insider now owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, President Richard Iv Murray sold 4,900 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the transaction, the president now directly owns 58,968 shares in the company, valued at approximately $4,826,530.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the transaction, the insider now owns 35,828 shares in the company, valued at $2,902,068. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,925 shares of company stock valued at $988,686. Corporate insiders own 1.26% of the company’s stock.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Friday, February 9th were issued a dividend of $0.52 per share. The ex-dividend date was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a yield of 2.72%. SouthState’s dividend payout ratio (DPR) is 32.20%.

SouthState Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.